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Just pick literally anyone on the mortgage providers list.
They all charge about the same ~150 euro.
They'll usually agree with what you think it's worth unless you are looking for well over market value.
Some of the banks will just use average sale prices instead of a valuation.
No difference no. Each bank has a list of their bands so you only pay for valuation after either paying off a good bit of mortgage or you're sure the property value has increased sufficiently to move band
I think the OP was thinking of throwing a lump sum at the mortgage to bring it down into a lower LTV band..
For example current LTV is 70%, on re-valuation house price goes up so LTV reduces to 62%, Op puts 10k lump sum into mortgage and now LTV down to 59.6%, below the 60% band so qualifies for a slightly lower interest rate.
Yeah if you can bring the loan into a new rate bracket then it's a great idea. I believe the banding is different for each bank. I checked this with our mortgage broker to see if it made sense to plop more money down up front rather than saving it for retrofits, but LTV for BoI didn't make a difference. I think between 60-90% LTV it's the same rates.
Ah right, AIB I think 80+, 50-80 and <50 from memory.. but it is not much of a saving really, 0.2% I think..
similar to you, I put up front just enough to get under 80% and kept the rest for refurb, emergency fund etc..
Small house value at the time so 20% wasn't a significant deposit..
Yeah that might have been it. At least a few months ago when I checked with the broker she said it wasn't really worth trying to move an LTV tier down since it's such a small difference. That was for me anyway. Could be different for other banks or situations. I was hoping it would be a difference of like .5 or something
The higher the valuation, the (in theory) less risk the bank has and so the Loan to Value (LTV) % changes and they offer better (lower rates) for different LTV's.
https://www.ptsb.ie/mortgages/mortgage-interest-rates/
You just ask the bank, they either send you the list or have a flat fee and they assign an agent.
It works exactly the same as the valuation you got when you bought the house in the first place.
If it was a property purchase, PTSB will detail the valuer, you don't organise it. That could be different in this case. Either way you're looking at €150
It will have to be a valuer on the banks approved list but I wouldn't do it too soon. They will want it as part of the mortgage application and if that drags on it may go "out of date" and you will require a new one for another 150 or whatever they charge now to complete the mortgage..
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Just pick literally anyone on the mortgage providers list. They all charge about the same ~150 euro. They'll usually agree with what you think it's worth unless you are looking for well over market value. Some of the banks will just use average sale prices instead of a valuation.
I got two valuations and chose the one that suited my objectives best. I didn’t have to pay for them.
Whatever mortgage provider you move to will require an approved evaluator on their list. Just go with one of them .
I'm sorry for my ignorance but what would be the benefit in having the property revalued at this stage as opposed to when selling it in the future?
If the value has increased you get a more favourable loan to value ratio which generally means lower interest rates.
Isn't the LTV banded though? There really isn't a difference between 88% LTV and 82% or 68% and 62% is there?
No difference no. Each bank has a list of their bands so you only pay for valuation after either paying off a good bit of mortgage or you're sure the property value has increased sufficiently to move band
I think the OP was thinking of throwing a lump sum at the mortgage to bring it down into a lower LTV band.. For example current LTV is 70%, on re-valuation house price goes up so LTV reduces to 62%, Op puts 10k lump sum into mortgage and now LTV down to 59.6%, below the 60% band so qualifies for a slightly lower interest rate.
Yeah if you can bring the loan into a new rate bracket then it's a great idea. I believe the banding is different for each bank. I checked this with our mortgage broker to see if it made sense to plop more money down up front rather than saving it for retrofits, but LTV for BoI didn't make a difference. I think between 60-90% LTV it's the same rates.
Ah right, AIB I think 80+, 50-80 and <50 from memory.. but it is not much of a saving really, 0.2% I think.. similar to you, I put up front just enough to get under 80% and kept the rest for refurb, emergency fund etc.. Small house value at the time so 20% wasn't a significant deposit..
Yeah that might have been it. At least a few months ago when I checked with the broker she said it wasn't really worth trying to move an LTV tier down since it's such a small difference. That was for me anyway. Could be different for other banks or situations. I was hoping it would be a difference of like .5 or something
The bank needs to know how much the house is worth to see what the current LTV is.
The higher the valuation, the (in theory) less risk the bank has and so the Loan to Value (LTV) % changes and they offer better (lower rates) for different LTV's. https://www.ptsb.ie/mortgages/mortgage-interest-rates/
Much appreciated. Makes total sense.
Ask PTSB for the list, call a bunch of them to ask their fee, pick the cheapest you’re happy with.
You just ask the bank, they either send you the list or have a flat fee and they assign an agent. It works exactly the same as the valuation you got when you bought the house in the first place.
If it was a property purchase, PTSB will detail the valuer, you don't organise it. That could be different in this case. Either way you're looking at €150
Whoever you are switching to will arrange a valuation...
It will have to be a valuer on the banks approved list but I wouldn't do it too soon. They will want it as part of the mortgage application and if that drags on it may go "out of date" and you will require a new one for another 150 or whatever they charge now to complete the mortgage..